The state government wants a slice of the booming real estate market in and around Bangalore.The Karnataka Housing Board (KHB) has takenupconstructionofamultiplexand mall in Yelahanka New Town where it is coming up with a township of close to 5,000 houses.
The multiplex will be a first for a government agency and also for north Bangalore.Currently,Yelahanka is home to an air force base,CRPF,Central government organisations and several big corporate tycoons,industrialists and bureaucrats.
AREA LACKS ENTERTAINMENT VENUES
Prashanth Sambargi,partner,Mars Realty,said,"North Bangalore badly needs a multiplex.KHB had,in the 1990s, envisioned Yelahanka as a satellite town for Bangalore.It was KHBs maiden fully integrated layout.All infrastructure is in place,but private players failed to come up with a multiplex.The existing ones are concentrated in south and east Bangalore.People of Yelahanka had to travel either to Malleshwaram or Whitefield for the multiplex experience."
IT WILL BECOME ASSET TO THE BOARD
Housing Minister V Somanna told the multiplex would not only add value to our project but will also become an asset for the Board in the long run.
Had we given the same piece of land to a private builder on lease,he would have paid us a nominal amount while reaping profits in several crores of rupees.This apart,some parties move court when it is time to renew the lease.
Hence,we decided to go in for value addition with a multiplex and mall.We had twice invited tenders from builders,but none came forward.Eventually,we decided to execute the project ourselves.
Sambargi said,"The multiplex business is growing at 20 per cent per annum and is the back bone of the entertainment industry today.Yelahanka has only one single-screen theatre.The new multiplex will change the dynamics of movie-goers."
PRIVATE BUILDERS WANTED PROJECT
According to KHB sources,private builders wanted the government to hand over the project to them.
Somanna said,We were in no position to oblige,as we have invested 36 crore in the project and are keen on recovering this amount.We expect to recover this money with the earnings from the multiplex,which would also spur growth in the area,which lacks entertainment and recreation spots.We expect to complete the project in 18 months.
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ReplyDeleteThe multiplex is constructed about 6 months back , but lying without any starting. when s it going to be commecialised by KHB?
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